The one reason Congress will raise the debt ceiling this week

Published 3:56 pm, Wednesday, February 5, 2014

Congress will behave this week and raise the debt ceiling well before the nation risks defaulting on its loans. Here's why.

Congress will behave this week and raise the debt ceiling well before the nation risks defaulting on its loans. Here's why.

Photo: Bloomberg Via Getty Images

The one reason Congress will raise the debt ceiling this week

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With three days before the Treasurys borrowing limit runs out, Congress is starting to think about how and if  to raise it.

But rest assured they will raise it.

Treasury Secretary Jack Lew has said that by Friday the nations bank wont be able to borrow money to pay its bills. If Congress doesnt authorize the Treasury to borrow more, the nation risks defaulting on its debt.

Republicans in Congress are debating amongst themselves on what, if anything, they should exact as a concession for voting alongside Democrats to raise the debt ceiling for the second time in four months.

Theyre tossing ideas around in the media this week such as trying to repeal a provision in Obamacare that pays insurance companies money if enough people dont sign up, or tying into the deal a requirement that Obama OKs the controversial Keystone Pipeline.

Its an echo of a debate the party had in October during the government shutdown, when tea party Republicans like Sen. Ted Cruz of Texas called for a repeal of Obamacare in exchange for funding the government and raising the debt ceiling.

And while some of that talk is certainly going on this time around, Republicans will likely come around in the next few days and vote to raise the debt ceiling for one simple reason: Republican leaders dont want to take a hit in the polls again, especially in an election year.

Polls after the shutdown showed Americans largely blamed Republicans for Octobers brinksmanship over the debt ceiling. After a temporary deal was signed through February, House Speaker John Boehner, R-Ohio, has hinted he doesnt want to get involved with any major showdown again.

Theres no sense picking a fight we cant win, Boehner allegedly told his colleagues in a private meeting this week, according to Roll Call newspaper.

Of course, nothing is certain in politics. But when it comes to raising the debt ceiling, Washington has shown its less likely to take chances.